v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
GAAP has established guidance for reporting information about a company’s operating segments. The Company monitors and reviews its segment reporting structure in accordance with guidance under FASB ASC Topic 280, Segment Reporting (“ASC 280”) to determine whether any changes have occurred that would impact its reportable segments. The Company currently has two business segments, consisting of multi-family and other.
The Company’s Chief Executive Officer evaluates the results of operations and makes decisions about resources to be allocated between the multi-family and other property portfolios and therefore is the Company’s Chief Operating Decision Maker (“CODM”). The Company’s operating results are reviewed on an individual property basis, with specific attention to the multi-family portfolio given its importance to our overall strategy.
The CODM evaluates performance based on net operating income (“NOI”). NOI excludes GAAP rent adjustments such as straightline rent and the amortization of intangibles, general and administrative expenses, depreciation and amortization, other income, interest expense, gains or losses on the sale of investment properties and net income or loss from noncontrolling interests.
The CODM uses NOI to evaluate the Company’s investment properties because it reflects comparable revenues and direct operating expenses associated with each individual investment property and for each segment as a whole and provides a means for comparing performance period over period. The CODM reviews NOI to assess operating trends, compare results between periods and evaluate the financial performance of each property/segment to identify opportunities to improve operating results. NOI may also be used in allocating resources between the segments when making decisions regarding capital improvements, leasing initiatives, acquisitions, dispositions and other investment activities. While the CODM does review consolidated GAAP operating results, cash flows and liquidity, NOI is the primary measure used to evaluate segment performance.
The following tables summarize NOI by segment for the three and six months ended June 30, 2026 and 2025.
Three Months Ended
June 30, 2026		Three Months Ended
June 30, 2025
TotalMulti-familyOtherTotalMulti-familyOther
Rental income$7,357 $4,117 $3,240 $7,577 $4,409 $3,168 
Tenant recovery income1,183 214 969 1,384 258 1,126 
Other property income243 243 — 235 234 1 
Total income8,783 4,574 4,209 9,196 4,901 4,295 
Repairs and maintenance637 460 177 620 405 215 
Property payroll and benefits410 360 50 332 291 41 
Property insurance371 162 209 424 190 234 
Other property expenses1,398 880 518 1,264 785 479 
Real estate taxes1,538 543 995 1,495 516 979 
Total expenses$4,354 $2,405 $1,949 $4,135 $2,187 $1,948 
NOI$4,429 $2,169 $2,260 $5,061 $2,714 $2,347 
Non-allocated expenses (1)
(6,283)(6,752)
Other income251 178 
Interest expense(2,029)(1,780)
GAAP adjustments to NOI (2)
249 275 
Net loss$(3,383)$(3,018)
(1)
Six Months Ended
June 30, 2026		Six Months Ended
June 30, 2025
TotalMulti-familyOtherTotalMulti-familyOther
Rental income$14,834 $8,307 $6,527 $14,924 $8,902 $6,022 
Tenant recovery income2,696 409 2,287 2,876 513 2,363 
Other property income424 424 — 452 451 1 
Total income$17,954 $9,140 $8,814 $18,252 $9,866 $8,386 
Repairs and maintenance1,344 805 539 1,173 737 436 
Property payroll and benefits766 670 96 674 594 80 
Property insurance801 357 444 796 364 432 
Other property expenses2,897 1,832 1,065 2,588 1,692 896 
Real estate taxes3,021 990 2,031 2,986 1,046 1,940 
Total expenses$8,829 $4,654 $4,175 $8,217 $4,433 $3,784 
NOI$9,125 $4,486 $4,639 $10,035 $5,433 $4,602 
Non-allocated expenses (1)
(12,192)(12,628)
Other income369 415 
Interest expense(3,746)(3,616)
GAAP adjustments to NOI (2)
472 524 
Net loss $(5,972)$(5,270)
Balance Sheet Data
Real estate assets, net (3)
$279,284 $183,217 $96,067 $289,560 $188,737 $100,823 
Non-segmented assets (4)
61,013 38,662 
Total assets$340,297 $328,222 
Capital expenditures$502 $393 $109 $8,007 $200 $7,807 
(1)Non-allocated expenses consist of general and administrative expenses and depreciation and amortization.
(2)GAAP adjustments to NOI include straightline rental income and amortization of above and below market lease revenues.
(3)Real estate assets include intangible lease assets, net of amortization.
(4)Non-segmented assets include cash and cash equivalents, restricted cash and escrows, accounts receivable and deferred costs and other assets.